MARKETING APTITUDE Introduction Marketing is the activities of a company associated with buying and selling a product or service.
This includes advertising, selling and delivering products to people. There are 4Ps in marketing viz. (1) identification, selection and development of a product (2) determination of its price (3) selection of a distribution channel to reach the customer's place and (4) development and implementation of a promotional strategy Marketing is everything a company does to acquire customers and maintain a relationship with them and not merely advertisement or sales. There are several types of marketing. 1. Direct marketing Marketing to the customer directly without the use of an intermediary is known as direct marketing. There are many types of direct marketing techniques but the most important are. a. Direct mail marketing- In this advertising mail are sent to the business and home addresses. This is the most common method of direct marketing. b. Telemarketing- In this the marketers contact the customers by phone. c. Email marketing- The marketers contact the customers through their email accounts. 2. Indirect marketing- The marketing of a particular product takes place through channels which include one or more resellers or intermediaries. 3. Internet marketing- When the products are marketed over the internet, it is known as internet marketing. This is also known as i-marketing, web-marketing, online-marketing, Search Engine Marketing (SEM) or e-Marketing 4. Bench marketing- comparing the business processes with the competitors and improving the prevailing ones. 5. Drip marketing- Sending promotional items to clients. 6. Viral marketing- Marketing by word of the mouth which spreads rapidly among people. 7. Guerilla marketing- Strategies and tactics used to promote products and services n the market with minimal cost and maximum output. 8. Social media marketing- This is marketing through online communities, blogs etc. 9. Digital marketing-practice of promoting products and services using all forms of digital advertising. It includes Television, Radio, Internet, mobile and any other form of digital media. SWOT analysis Strength Weakness Opportunities and Threat analysis. This is a tool for auditing an organisation and its environment. Strength and weakness are internal factors and threats and opportunities are external factors.
. Direct response: Advertising strategy used to trigger a behavioural response in target audiences.It is a marketing strategy used to endorse a product and promotes its use among consumers. It re-establishes fair trade and is permitted by the WTO. Barter: A Trade Exchange or Barter is a type of trade in which goods or services are directly exchanged for other goods and/or service.These are measures adopted to protect a domestic market from dumping of goods and from its trade distorting effects. distorts or restricts competition in a market for goods and services are known as anti-competitive practice. Anti-dumping. Also known as multi-industry company. mainly through advertising campaigns with a consistent theme. Market Segmentation It is the segmentation of the market or division of market into various consumer groups. This includes the demand and supply analysis. Dumping: Export of goods from one country to another country at a rate lower than its normal value.CUSTOMER RELATIONS MANAGEMENT (CRM) The relationship concerning an organisation and its customers is known as CRM. Market Information Gathering information regarding the market is known as market information. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. It only serves the purpose of providing remedy to the domestic industry against the injury caused by the unfair trade practice of dumping. This will enable the company to formulate plans on marketing strategies to be adopted. Conglomerate: A conglomerate is a large company that consists of apparently unrelated business sections. This can affect the business in the country to which the good is exported to and may affect the domestic business in that country drastically reducing their sales or completely ruining the domestic business. Some terms in marketing Anti-competitive practice . Advertising. Market research Gathering data about the markets and customers is known as market research. Branding: The process involved in creating a unique name and image for a product in the consumers' mind.A practice is which prevents. prices of commodities etc. It includes interaction with the customers and gathering information regarding the needs of the customers.
values. also known as a takeover. finance. on the Internet or through self completion surveys. Quickcuts: The brand name of technology which enables design companies or advertising agencies to transmit advertisements directly to the publication over a telephone line. An acquisition. Reach: The total number of people your organisation or campaign reaches. Target Audience: The section of the population that is identified as likely to be most interested in buying or being associated with a product. designed to influence the person's or group's purchase decision. including identifying and evaluating opportunities. Talent: The person or people you put forward to the media as possible subjects for an interview. and controlling and evaluating results. usually conducted through unstructured interviews or focus groups. conducted either through telephone. preparing and executing the market plan. A merger is a technique used by companies for the purpose of expanding their operations often aiming at an increase of their long term profitability. is the buying of one company (the ‘target’) by another. face-to-face structured interviews. Personal Selling: Persuasive communication between a representative of the company and one or more prospective customers. analyzing markets and selecting target markets. Strategic Marketing Planning: The process of managerial and operational activities required to create and sustain effective and efficient marketing strategies. etc. interests or opinions.
. Offer: A proposal by a marketer to make available to a target customer a desirable set of positive consequences if the customer undertakes the required action. corporate finance and management dealing with the buying. selling and combining of different companies that can aid. developing a positioning strategy. Qualitative Research: Research that seeks out people's attitudes and preferences. aspirations.
JIT: Just-in-time (JIT) is an inventory strategy implemented to improve the return on investment of a business by reducing in-process inventory and its associated carrying costs. Mergers and Acquisitions: The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy. Quantitative Research: Research that measures (quantifies) responses to a structured questionnaire. a game show. a picture or footage. Relationship marketing: Marketing with a focus on building long-term relationships where the target customer is encouraged to continue his or her involvement with the marketer. Situational Analysis: An analysis of the internal and external environment of a company or event. or help a growing company in a given industry grow rapidly without having to create another business entity. Psychographics: Life-style measures which combine psychological and demographic measurements based on consumers' activities.
TARPS: Target audience rating points -. Targeting: The act of directing promotions to the target audience.that is.
. the number of people or percentage of people reached in your target audience Unique Selling Proposition (USP): The one thing that makes a product different than any other. It's the one reason marketers think consumers will buy the product even though it may seem no different from many others just like it.
Target media: The media you decide to target for coverage because they reach your target audience.